Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Fair Value Measurements

12. Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: 

Level 1 - Quoted prices in active markets for identical assets and liabilities. 

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled.

Level 3 - Unobservable inputs.

The Company’s financial instruments are valued using observable inputs. The following table sets forth the fair value of the financial instruments re-measured by the Company as of September 30, 2023:

	Level 1		Level 2		Level 3		Total
September 30, 2023
Mutual funds	$	1,171	$	—	$	—	$	1,171
US Treasury securities		—		3,278		—		3,278
Certificates of deposit		—		859		—		859
Corporate bonds and notes		—		973		—		973
Total	$	1,171	$	5,110	$	—	$	6,281

There were no financial instruments that were re-measured by the Company as of December 31, 2022.